BioGeneration Ventures' portfolio company Staten Biotechnology announces collaboration with Novo Nordisk
Naarden, The Netherlands – 17 December, 2018 -- BioGeneration Ventures (BGV) is pleased to announce that its portfolio company Staten Biotechnology B.V. and Novo Nordisk A/S have entered into a collaboration and exclusive option agreement. Under the collaboration agreement, Staten will continue to develop its lead asset STT-5058 targeting ApoC3 for the treatment of dyslipidaemia, with support and R&D funding from Novo Nordisk. Under the exclusive option agreement, Novo Nordisk has the right to acquire Staten and gain worldwide rights to STT-5058. Staten Biotechnology and its shareholders are entitled to receive signing and exercise fees, R&D funding, and milestone payments of up to 430 million euros.
BGV was the founding investor in Staten Biotechnology in July 2014. During the company creation BGV brought in management and experts from its network. Together with Forbion, BGV further supported the company in its preparation towards clinical trials.
Fourth successful deal in BGV’s second fund
Over the last three years this is the fourth BGV II portfolio company to create significant value and returns through deals with leading pharma companies. Earlier BGV announced the sale of the majority of shares in Acerta Pharma to AstraZeneca, the sale of Dezima Pharma to Amgen and the sale of Surgvision to Bracco Imaging.
“We have worked in close partnership with BGV and from the start were able to build on their knowledge and network that allowed Staten Biotechnology to make excellent progress in its ApoC3 antibody program.” said Paul da Silva Jardine, co-founder and CSO of Staten Biotechnology.
“BGV is extremely proud to see Staten Biotechnology joining forces with Novo Nordisk. This adds to our successful track record of founding new companies based on innovative differentiating science and building high quality teams. Our exits of Acerta Pharma, Dezima Pharma and Surgvision already showed that this strategy delivers very interesting returns for our investors and novel solutions to address unmet medical need for patients” said Edward van Wezel, managing partner of BGV.
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BGV is a venture capital company with a focus on early stage European biotech companies. BGV has a strong track record of significant financial returns through investing in true scientific innovations in healthcare addressing unmet medical needs and providing the expertise to build world-class companies. BGV manages over €120 million of funds including its €88 million BGV III Fund.
BGV works very closely with founding teams to mature novel science and start new companies. Together with our portfolio companies BGV then uses its expertise and experience to advance innovative new medicines for patients and to create value for its investors. BGV applies this expertise in a rigorous process to select the most compelling opportunities with the best prospects for exit.
BGV is based in Naarden, the Netherlands and closely collaborates with Forbion.
About Staten Biotechnology
Staten Biotechnology develops novel and innovative strategies for the treatment of dyslipidaemia, with a focus on hypertriglyceridaemia treatment. With a unique approach towards neutralizing ApoC3, a key molecule in dyslipidaemia management, Staten Biotechnology is developing STT-5058, a humanized, monoclonal antibody, licensed from its co-development partner argenx (Euronext & Nasdaq: ARGX). This “recycling” antibody with extended half-life is expected to lower triglyceride levels and increase clearance of ApoC3-containing atherogenic particles. Multiple studies have identified ApoC3 levels to be inversely associated with a favourable lipid profile and insulin resistance, both key components in managing residual cardiovascular risk.
For further information:
Edward van Wezel
Tel: +31 35 69 930 00
LifeSpring Life Sciences Communication, Amsterdam
Tel: +31 6 538 16 427